The vast bulk of jobs added were part-time. Good news for those with the new jobs but for markets this takes some of the shine off that +64.9K headline number.
The unemployment rate has remained unchanged due to the jump in participation, that 67% result is a record high.
More:
- hours worked -0.5% m/m and +3.7% y/y
There is nothing in this report to shift the RBA from its expected course of no change to the cash rate at the October meeting. On October 25 we get the next official quarterly CPI report. This will set the tone for the November meeting (on the 7th), a high inflation result will tee that meeting up as 'live' for a possible rate rise.
